Electronic extensions to file individual income tax returns.Most tax preparers are aware of the availability of electronic filing for individual income tax returns. Not as well known, however, is that preparers may also electronically file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. A preparer enrolled with the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. as an electronic return originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting may electronically file Form 4868. The procedure is described in Publication 1345, Handbook for Electronic Filers of Individual Income Tax Returns. The extension request should be completed in accordance with the form's instructions and then electronically transmitted to the service center where the return will be filed. The center will acknowledge receipt of the extension within a very short time. The procedure eliminates the problems with a paper extension that is not acknowledged. If a payment is due with an extension request made electronically, the taxpayer is required to submit a check to the lockbox Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. address listed on the reverse side of Form 1040-V, Payment Voucher A receipt or release which provides evidence of payment or other discharge of a debt, often for purposes of reimbursement, or attests to the accuracy of the accounts. . The check should contain the taxpayer's name, Social Security number, tax period and a description as relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Form 4868. The extension form, however, is not sent with the payment. An electronically extended return may be filed in paper form, if desired. It is not necessary to electronically file the return merely because it was electronically extended. If a second extension request is necessary by Aug. 16 1999, Form 2688 must be physically filed. The Service currently does not have a procedure to electronically file this form. However, by next year an electronic second extension request will probably be in place. FROM JOE B. MARCHBEIN, RUBIN, BROWN, GORNSTEIN & Co., LLP LLP - Lower Layer Protocol , ST. Louis, MO |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion